Bank of England plans major banknote redesign after 50 years

LONDON: The Bank of England is preparing to introduce its first major redesign of banknotes in over five decades.

Since 1970, notable figures such as Sir Winston Churchill, who appears on the current £5 note, have been featured on banknotes. However, these figures may soon be replaced or complemented by new themes.

The public is being invited to share their opinions on potential new themes, including nature, innovation, or significant historical events. This opens up the possibility of designs showcasing British birds, bridges, or traditional dishes like bangers and mash on the upcoming series of £5, £10, £20, and £50 notes.

Reflecting National Identity 

Since 1960, the monarch has appeared on Bank of England notes. Additionally, the reverse side of notes has featured images of prominent historical figures, starting with William Shakespeare about ten years after the initial introduction of the monarch’s portrait.

Sometimes, the choices for note designs have sparked controversy. For instance, the lack of female figures—aside from Queen Elizabeth II—in 2013 drew considerable criticism.

Now, the Bank is considering shifting the focus to new themes for future notes. While notable historical personalities remain an option, other suggested themes include architecture and landmarks (such as famous buildings or castles), arts and culture (including food, film, and literature), notable historical events or movements, innovation (like technology or scientific discoveries), and nature (featuring plants, animals, or landscapes such as rivers or coastlines).

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Public Input and Design Considerations 

The public is encouraged to share their suggestions, which could lead to humorous or creative ideas—like the playful mention of “Notey McNoteface”—and lively debate.

Victoria Cleland, the Bank’s chief cashier whose signature appears on the notes, emphasized that banknotes are more than just currency; they symbolize national identity and offer a chance to celebrate the UK. She expressed interest in hearing what themes the public would like to see.

Ms. Cleland also noted that while banknotes are considered “little pieces of art,” practical considerations such as accessibility and security features are important. She remains open-minded about including historical figures but prefers themes that are enduring and broadly unifying.

Currently, Scottish and Northern Irish notes already feature landmarks and animals like otters, while euro notes showcase architectural styles. Globally, some banknotes are notably colourful; for example, Bermuda’s $5 note—named Banknote of the Year in 2022—features vibrant images of marine life and King Charles III, along with scenery like butterflies, flora, and local landmarks.

Historically, the Bank of England’s notes have displayed abstract designs, lions, or Britannia. The current series includes images of Churchill, Jane Austen, J.M.W. Turner, and Alan Turing, arranged in order of note value.

This consultation process is part of the Bank’s plans for the next series of notes, which will continue to feature the monarch. The public can submit their views via an online form or by mail before the end of July. Ultimately, the decision on note designs rests with the Bank’s governor.

With over 4.7 billion Bank of England notes in circulation, totalling around £86 billion, the Bank recognizes that cash usage has declined to 12% of transactions due to technological advances. Nevertheless, it remains committed to providing cash options for those who prefer to use them.